India's Punjab National Bank received a warning from the country's securities regulator for failing to adequately disclose concerns related to an alleged US$2 billion fraud case.
In a May 17 statement, the bank said it received a warning letter from the Securities and Exchange Board of India, regarding disclosures made in February and March about parties involved in the alleged crime such as the Nirav Modi and Gitanjali groups, among others.
According to the letter, the bank made delays of between one day and six days when disclosing to India's stock exchanges reports and complaints that it filed with the Reserve Bank of India, and the Central Bureau of Investigation.
SEBI also noted that the bank did not make any provision or disclosure for a fraud of 2.80 billion rupees in its financial statements for the quarter ended Dec. 31, 2017.
These were in breach of the lender's listing obligations and disclosure requirements, it said.
As of May 17, US$1 was equivalent to 67.82 Indian rupees.